Chinese Authorities Look to Further Crackdown on P2P Market

China’s P2P market expects to have about 50 or so platforms left as the authorities continue their crackdown on a market that once boasted more than 3,000 platforms; the government is also preventing some company executives from leaving the country; the government is expected to hand out between 50 and 100 licenses for P2P platforms to operate under strict new guidelines according to Lufax CEO Greg Gibb; the crackdown began after a spike in defaults and angry investors took to the streets to protest against platforms who they say stole their money; money has been leaving the market at a record pace in recent months with fewer platforms and less trusting investors. Source.